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What an automatic stay is and how it can keep debt collectors away

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When a debtor files bankruptcy, a “legal shield,” called an automatic stay, goes into effect immediately. It serves to stay, or stop, all collection efforts in effect at the time of the bankruptcy filing. One aspect of the automatic stay…

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Why hiding assets is a bad idea when filing bankruptcy

You have likely heard the expression that “Honesty is the best policy.” Not only is that true, but telling the truth is absolutely necessary when it comes to filing bankruptcy. Lying in a bankruptcy case is a violation of federal…

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What to expect when going to court for a Chapter 7 bankruptcy

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It is natural for people to worry about what to expect when they go to court for their Chapter 7 bankruptcy’s “341 Meeting,” also known as the “Meeting of Creditors.” Concerns about a creditor or the Trustee being angry with…

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What happens to my secured debt if I file Chapter 7 bankruptcy?

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There are two kinds of debt: secured and unsecured. A debt is secured when the creditor/lender can recover a specified asset from the debtor/borrower if the borrower does not repay the loan on time. A car loan is an example….

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MY ONLY INCOME IS SOCIAL SECURITY. SHOULD I STILL CONSIDER BANKRUPTCY?

We often meet with people with debt problems whose only income is Social Security benefits.  In some cases, they are “judgment proof”.  That is, there is no way for their creditors to collect.  Other than debts owed to government agencies,…

Posted in Advice for Consumers, Bankruptcies, Debt Relief, Social Security

DO I HAVE TO FILE A BANKRUPTCY JOINTLY WITH MY SPOUSE?

No, you are not required to file a joint bankruptcy case with your spouse.  You can file individually, you each could file separate cases if you wish, or you can file a joint case.  This is a decision that should…

Posted in Bankruptcies

I MAY NEED TO FILE A BANKRUPTCY CASE. WILL I LOSE MY PROPERTY?

Many people have the mistaken idea that they will lose all their property if they file a bankruptcy case.  NOT TRUE!  There are exemptions allowed for many different assets. 

Posted in Bankruptcies

Why Americans are Filing For Bankruptcy at High Rates

Filing for personal bankruptcy is not an easy decision. While credit card balances that have gone out of control can lead to bankruptcy, the number one reason Americans are filing for bankruptcy today is because of medical debt. This type…

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When Debt is Ruining Your Life: The Benefits of Filing for Personal Bankruptcy

There are many reasons you may find yourself stuck in a pile of debt that keeps on growing. Life is expensive, and even when you work hard, debt can become unmanageable. When you are trying to pay your bills but…

Posted in Bankruptcies

Biggest Chapter 13 Bankruptcy Myths

If you are facing potential bankruptcy and you are trying to determine if it is a good option for you or not, you have likely heard about a lot of different myths about what can happen during the course of…

Posted in Bankruptcies, Debt Relief

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